Ackman to sell partial stake in CP

Pershing Square Capital Management founder William Ackman reportedly is selling roughly US$800 million of his investment in Canadian Pacific Railroad, or roughly 5.9 million shares.

New York-based Pershing Square will remain the largest single investor in Calgary, Alberta-based CP, retaining a 9.8% stake in the Class I railroad.

Ackman and Pershing Square began aggressively acquiring shares of CP in September 2011, and as the hedge fund continued its efforts the value of CP shares increased dramatically.

In May 2012, Ackman triumphed in a battle to control the railroad's Board of Directors, prompting the departure of then-Chairman Fred Green and four other board members. Green was replaced by E. Hunter Harrison, former CEO of Canadian National.